Scenario
You just got the keys to your first apartment. You also have a
new credit card with a $2,000 limit. As part of your new
monthly bills, you must pay:
• $50 towards electricity
$50 towards gas
• $200 in maintenance
• $700 in rent
Additionally, you must furnish your home and set a monthly
budget for food purchases. In order to move into your own
apartment, you had to borrow $3,000 (to pay your first and
last month's rent and the security deposit for the apartment),
from your parents. Don't forget to save 5% of your monthly
salary for your annual vacation bash.
Your monthly income is $2,000 (after taxes).
1. Calculate the amount of money you need to save each
month to put towards your vacation: